CEO compensation: Bon-Ton CEO made $8.5M last year

A sizable increase in stock awards propelled Brendan Hoffman, CEO of The Bon-Ton Stores Inc., to nearly $8.5 million in total pay last year, according to the company's annual proxy statement, filed Tuesday.

That was nearly double his 2012 compensation, which totaled $4.4 million.

Hoffman, who announced he’s stepping down next year when his contract expires, received $6.3 million in stock on top of a salary and bonus of $1 million each, plus other compensation.

Bon-Ton, based in Springettsbury Township, posted a net loss of $3.6 million in its last fiscal year compared with a net loss of $21.6 million the prior year.

The York County retailer’s adjusted stock price was $10.70 at the end of its fiscal year, which wrapped up Feb. 1. It closed at $12.84 on the last day of trading the previous year, according to Yahoo Finance.

East Pennsboro Township-based Rite Aid Corp. has not yet released its fiscal year 2014 proxy.

• Armstrong: CEO Matthew Espe made $5.6 million in 2013, which was up from $5.3 million in 2012. His base salary remained at $980,000, but stock awards and options increased slightly.

• Hersha: CEO Jay Shah made $2.6 million in 2013, which was down from $6.6 million in 2012. His base salary increased to $680,000, but stock awards dipped to about $1.1 million compared to $5 million in 2012.

• Metro: CEO Gary Nalbandian made $716,165 in 2013, which was down from $926,184 in 2012. His base salary was nearly level at $551,153, but stock options dropped to $52,837 from $306,425 the previous year.

• Penn National: CEO Timothy Wilmott made $5.2 million in 2013, which was down from $8.4 million in 2012. However, his appointment didn’t occur until November when Gaming and Leisure Properties Inc., a real estate investment trust, was spun off from Penn National. Former CEO Peter Carlino, who heads up GLPI, made $6.7 million last year at Penn National. That was down from $12.5 million in 2012. Wilmott’s base salary was $1.4 million, while Carlino made $1.5 million. Stock awards totaling $3.9 million helped the latter, but he didn’t receive option awards like 2012.

Share This Story:

Jason Scott

Jason Scott covers state government, real estate and construction, media and marketing, and Dauphin County. Have a tip or question for him? Email him at jasons@cpbj.com. Follow him on Twitter, @JScottJournal.
Circle Jason Scott on Google+.

Leave a Comment

Your Name:Validation:Comment:

Please note: All comments will be reviewed and may take up to 24 hours to appear on the site.